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February Is Calling, It Wants Its Markets Back

"Harry, we had a setback."

I was only kidding on Wednesday morning when I said a flip in the sign on the equity-rates correlation "presaged locust plagues, pestilence and famine", but a couple more days like Wednesday and there are going to some folks who feel like they just lived through the apocalypse. Read more Stock-Bond Correlation Breaks, Presaging Locust Plague, Pestilence, Famine It's time to revisit a tweet from February 6: To say the close on Wall Street was ugly would be an understatement. This ended up being the third worst point drop for the Dow of the year and that's saying something considering there were two days in February that saw the benchmark fall 1,000+ points. The VIX rose for a fifth consecutive day, the longest streak since January. This was the worst day for the Nasdaq since Brexit: That underscores how the selloff is being spearheaded by an unwind in Tech/Momentum/Growth or, more to the point, everything that's worked in the slow-flation world. Growth underperformed Value by the widest margin since the Goldman "Is FANG mispriced?" note: This was the worst day for the Momentum ETF ever (literally): Read
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